Duliban Insurance Brokers Ltd. has acquired Mason Insurance Brokers, an Ontario-based brokerage established in 1919.
Amid an flurry of large consolidator deals, this acquisition marks one that took place between two local brokers.
Based in Niagara, Ont., Mason Insurance Brokers offers auto, home, commercial and premier cottage insurance, and also has a life insurance and financial services division.
Owner and president Todd Minor and former owner and vice president Bill Hunter will be transitioning to Duliban’s leadership team, along with Mason Insurance’s existing staff members.
“When considering potential options for our brokerage’s continuity, ensuring our customers would continue to receive the personal care and service they have come to expect from Mason over the past 100 years was a must. Duliban’s commitment to their clients and the communities they serve, as well as to their staff, made me realize this would be a great fit,” said Minor in a press release.
This acquisition is the third Duliban Insurance has made in the last six years. Alongside scale, acquisitions remain a key part of the brokerage’s long-term growth strategy, the co-principal said.
“We see ourselves as a viable alternative to insurer-led or private, equity-owned consolidators for independent brokers in Ontario and the Maritimes, considering succession between $5 million and $20 million in written premium. We feel we are the perfect fit for brokerages who place a high value on their staff, communities and their clients,” said Adam Duliban in a press release.
“We like to partner with like-minded organizations and ultimately leverage our significant platform value in technology, data, efficiencies and team education.”
In 2022, a mere six of 48 M&A deals in Ontario were local broker to local broker. A full 87% of all M&A activity were sales to the larger consolidators, the Insurance Brokers Association of Ontario’s records show.
Feature image by iStock.com/Maxiphoto